Two Days Trading Reflection

My result for yesterday's trade - win one lose one. Net result lost 66 pips. Long GBP/JPY and short GBP/NZD (I have not traded this pair for a long long time). The second trade, long GBP/JPY is a mistake as i was hoping for reversal. Hoping the trade will go in your favour....look like i am lost here. And my portfolio hit the lowest point of my trading career. Later while I were having some drinks with my new colleagues, they were talking about private clubs where they have slot machines for their guests. My colleague was mentioning about the odds and there were some smarter player and not so smart players. The differences separating the two groups was that the smarter players were more patient and focus on their game where they increase their stake only after the slot machine has not giving payout for long time. They were disciplined, patient and focused. Look like i need to cultivate those values.

Today i shorted two pairs, GBP/USD and GBP/JPY. One closed with break even and the other closed with 45 pips. I played safe and adjusted my SL to BE after it moved to my favour. My portfolio inched up almost 1% from the low. I guess i lost focus and my consistency earlier this week. Maybe I was too eager to jump start my trading after i quit my full time job and be a real estate negotiator. I still need to improve on my emotion and psychology.

Tea Break Day 2

Entered another short trade on GBP/JPY based on the same strategy. This time suffered a full loss of 100 pips. While another same trade managed to scalp 19 pips. Some analysis on the trade - EMA were showing downtrend, RSI is near oversold, MACD still showing downtrend while ADX were showing sign of trend weakening. So there were 2 weak points in the trade setup. And i was not feeling certain if the trade will go my way. I was having doubt but just could not really tell what.

Lets see what's the market got to offer tomorrow.

Teabreak on Day 1

Entered short trade on GBP/JPY using the Tea Break Strategy after it breakout to the downside. But the breakout did not sustain and it was ranging for few hours until the night. I decided to close it with small losses of 22 pips just before 10:00pm. Minutes later the pair experienced another downward pressure and it broke the EP. I had a chance to close it with even smaller loss earlier but i waited and waited until now. I have learned something about my trading style. I am a momentum trader - trades on breakout. Prefer to have trades that has big momentum, big price movement. Will have to strategise my entry next.

Forex Graduates Gathering Q3-09

Today is our Forex Graduates Gathering Q3 2009 in Menara Hap Seng. Had the chance to meet few of my course mate. Learn few more technical analysis and new strategies. And two guest speaker on the topic of fundamental forex trading and property investment by a Real Estate Agent. Two area of my interest.

Thereafter, few of us went to have dinner at an Iranian restaurant, the Palm at the Weld just two one street walk away from our gathering venue. May Lam, Chooi Ling, Daniel, Pooi Lum and me were having wonderful food and awesome conversation of everything. We should do it more often.

First View

I had a chance to follow my friend, who is a very experienced real estate negotiator for a house viewing today. And this is my first on the job training. He taught me a lot of things, but most importantly is to work hard. He told me of some of his partners who were top sales and were making hundreds of thousand. But one need to put in effort and time, focus on what you do. We finished our viewing at around 4pm.

I got back and entered short on GBP/JPY after seeing it appear to be in a reversal after the UK Retail Sales announcement. It was hovering for about an hour before it finally move down. But i was having a bit doubt on whether the price can really go down and i closed it with 21 pips gain moment after it was in my favour. Later the price seems to be heading down further close to my initial PT target. Anyway pips gain is pips earned.

Too early

I entered another short position on GBP/JPY after confirming the short term trend. And managed to close with 22 pips gain. The currency pair were ranging after it plummet by approximately 100 pips at GMT 5:00. My entry time was 90 minutes later and it was battling for 2 hours before i decided to close it with small gain at GMT 8:18 just before UK market open. And minutes later the pair sustained another downward move towards my initial PT target. Now reflecting on the earlier loss of the same pair. I think i entered the first trade too early and the second trade closed too early.

I've been reviewing my own trading result ever since i started trading. Of the total 240 trades I had entered, 58% won, 36% loss and 6% ended up break-even. That is the macro look at my trading journal. On a closer scrutiny, for trades ended up with min 50 pips win/loss, the ratio was 35 win to 56 loss. How do i reverse win loss ratio?

???

Again?

Entered a limit long position on GBP/JPY today early in the morning after seeing it breakout on the upside. With WS posting substantial gain last night, i anticipated risk appetite to be in favour. However my trade was cut short just after 1 hour with a full SL of 100 pips. Short term wise, the indicators in the M15, M30 and H1 were showing uptrend. Though the mid term were unclear. I also checked the other crosses for confirmation of trend. GBP were on the uptrend except for JPY, which were ranging.

So what went wrong? Was it my SL? Was it my entry time?

???

What happen in July & August trading month?

Entered a total of 9 trades as at yesterday for a total of 3 wins, 4 losses and 2 break-evens. Net loss in pips was 266. It was disappointing result after few month of losses.

How can i turn around? Do i need to plan my trade better? Do i need to enter at specific time? How do i prevent myself from entering at the wrong time? How do i make better judgement?